Knight Therapeutics Amends Loan Agreement With Crescita

Knight Therapeutics (TSX:GUD) amended its secured loan agreement with Crescita Therapeutics (TSX:CTX).
A quoted in the press release:

Under the terms of the amended loan agreement, Knight will receive early repayment of $2.5 million of the loan (reducing the principal amount to $4.1 million) and agreed to release its letter of credit in exchange for a general security interest over all of Crescita’s assets. As a result, Knight’s loan remains fully secured while providing Crescita with access to previously restricted capital to fund its operations. The loan continues to bear interest at 9% per annum and matures on January 22, 2022.
Concurrent with the amendment to the loan agreement, Knight surrendered its 293,163 common share purchase warrants of Crescita exercisable at $2.44 per share and was issued 396,000 new common share purchase warrants, 216,000 of which are exercisable at a price of $0.75 per share and 180,000 at a price of $1.00 per share, in each case for a period of six years.

Click here to read the full press release.

Source: www.marketwired.com